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Mike has a 50/50 portfolio with securities X and Y. What is the variance of the portfolio? Please use % as the unit when calculating

Mike has a 50/50 portfolio with securities X and Y. What is the variance of the portfolio? Please use % as the unit when calculating the covariance

Probability

Bust: 60%

Normal: (40-22)%

Boom: 22%1

Return X

6%

12%

14%

Return Y

4%

12%

18%

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